UK Manufacturing Production for OCT declines to -0.7% , GBPUSD capped by resistance 1.5678 !

manf
manf

The UK Manufacturing Production for OCT  has declined to unexpected number – 0.7% vs 0.2% forecast . This huge decline should keep the GBPUSD under pressure , capped by the daily chart resistance 1.5678.

There’s no other data today , so the pair may consolidate below 1.2678 levels before the next fall , however , below 1.5627 will open 1.5590 levels , further losses will pave the way towards the 1.5540 levels.

Remember as long as resistance 1.5678 holds on a daily closing basis , outlook remains bearish towards 1.5540 levels even lower towards the 1.5500 levels ahead of the 1.5400 levels.

 

GBPUSD_H1

MARKET DATA

UPCOMING ECONOMIC EVENTS